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Will Mortgage Express / Bradford & Bingley let me rent my property


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Hi all, I come to this forum seeking advice if I may.

 

For many reasons I need to move. The move is not permanent, although will be in the region of 3-5 years. Unless relevant I wont expand on this further.

 

I would like for a rental company to look after the property for me while I rent a property elsewhere.

 

Does anyone have an experience of this situation with this lender?

 

I am fearful they wont allow it because they wouldn't let me re-fix my mortgage when I asked a few months ago and said they will allow no changes to be made. I am also concerned that I would not get another mortgage for the amount originally borrowed because I am a Ltd company and so my take home is minus all my company expenses and so looks fairly low.

 

The mortgage was originally taken out through GMAC as a self cert and regrettably I am not in the position of having a great deal of equity. If I were to sell my house I would either just about cover what I owe, plus fees, or perhaps be slightly under by one or two thousand. As such, I would rather not have to go down this route.

 

I am really concerned and not entirely sure what I should do.

 

Any advice would be really appreciated.

 

Many thanks

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Hi unknownuser,

 

Is it really neccassary to tell them, they are happy as long as the mortgage is getting paid. I would just rent but be aware of circumstances, at the end of the day you are in trouble when you have not paid mortgage. As long as you are up to date no reason why anybody should questions so I wouldnt worry too much.

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yes if you are upto date you should just brave it and rent but please be aware you should have back up funds in case your rental payments dont get made in time.so try to make sure you have at least 3 months in advance ,like chilli says why bother telling them...mx are the pits and will use any excuse to clear out mortgages...so just do it on the quiet make sure the funds are paid into a seperate account and you continue from your account to service the mortgage

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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